As a part of IEN's Fiduciary Duty for Climate Justice Initiative, we are sharing recaps of Chatham House rules conversations and presentations without attribution. You can learn more this initiative by joining our email list, becoming an IEN Member, and staying up to date on our upcoming events.

This conversation centered on the evolution of fiduciary duty in institutional investing, with particular focus on how systems-level thinking can — and should — inform what it means to be a prudent investor today. The discussion drew on perspectives from legal, institutional investment, and mission-aligned investing communities.

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Intentional Endowments Network Launches Fiduciary Duty Initiative

Release Date: March 23, 2026

The Initiative will support asset owners in establishing consensus around the definition of fiduciary duty as it relates to climate, inequality, and systems-level risk.

The Intentional Endowments Network (IEN) is launching an initiative centered on the legal and fiduciary duty considerations related to climate change, the energy transition, and climate justice for investors. 

As it becomes clearer that systemic risks from climate change and extreme inequality pose material financial risks for investors — particularly long-term institutional investors and ‘universal owners’ — a clear, integrative definition of fiduciary duty has become imperative. The Fiduciary Duty for Climate Justice (FD4CJ) Initiative will gather experts from the legal, investment, nonprofit, and climate sectors to publish resources and provide guidance equipping investors to fulfill their fiduciary duty in a way that accounts for long term societal and planetary stability. 

In 2026, the Initiative will also entail in-person convenings, virtual Chatham House-rules conversations, and bespoke guidance for endowments working to adopt a systems-level fiduciary lens. This Initiative builds on the Intentional Endowment Network’s previous work on climate and inequality issues, as well as shareholder engagement and investment governance. 

After publishing the paper “Leading with Justice: Net Zero Investing & Conversations on Climate Justice” with a number of partner organizations, IEN published a Briefing Paper: The Fiduciary Duty Case for Climate Justice in 2025. The Briefing Paper outlines key definitions, fiduciary considerations, and investment frameworks related to climate justice, and outlines the compelling fiduciary duty case for climate justice. 

Building on this work, the Initiative, supported by a working group of experts, will spotlight leading asset owners and practitioners bridging the knowledge gap between traditional investing and systems-level lenses.

“For long-term institutional investors, fiduciary duty increasingly requires attention not only to individual investment performance, but also to the health and stability of the systems that shape portfolio outcomes. Climate change, inequality, and other systemic risks influence the functioning of entire markets and economies—and therefore the long-term returns of diversified portfolios,” said William Burckart, CEO of The Investment Integration Project (TIIP) and a member of the Initiative’s Leadership Committee. “Clarifying how fiduciary duty applies in this context is essential, and initiatives like this help equip investors with the frameworks needed to steward capital responsibly in an era defined by system-level risk.”

"Institutional asset owners and universal owners have a unique responsibility — and opportunity — to steward capital in ways that account for the systemic risks that climate change and inequality pose to entire portfolios and the broader systems on which long-term returns depend,” said Georges Dyer, Executive Director of IEN. “The interpretation of fiduciary duty has always evolved alongside changing circumstances, and the scale of today's climate and inequality challenges requires a renewed understanding of what it means to act as a prudent fiduciary. The Fiduciary Duty for Climate Justice Initiative will help investors adopt a framework that is fit for the challenges ahead."

About The Intentional Endowments Network

The Intentional Endowments Network (IEN) is a non-profit peer-learning network that supports institutional investors to adopt investment strategies that support an equitable, low-carbon, and regenerative economy. IEN connects endowments, foundations, asset managers, investment consultants, nonprofit partners, and individuals to advance the field of mission-aligned, sustainable investing. Learn more at www.intentionalendowments.org

MEDIA CONTACT:

Bella Alvarez, Program Manager, Intentional Endowments Network | [email protected]

In this week’s episode of The Future Finance, Jenna Nicholas and Georges Dyer explore why GDP and profit fail to measure human flourishing, how spirituality, purpose, and finance intersect, and the HEAL framework: Hope, Empathy, Abundance, and Legacy. Purchase Jenna’s new book, Enlightened Bottom Line, and listen or watch this week’s episode!

In this week’s news, Harvard research indicates that half of U.S. public companies are now creating climate solutions, Nathan Cummings Foundation files suit to prevent Axon from excluding its shareholder proposal on political spending transparency, and the DOJ sues Harvard.

We’re delighted to welcome Dana Litz, Communications & Community Engagement Associate, to the Intentional Endowments Network team! Dana will support storytelling, digital strategy, and community-building efforts across IEN’s initiatives and programs. Learn more about Dana here, and connect with her on LinkedIn!

In this week’s episode of The Future Finance, Mike Kubzansky speaks to how investors can actively engage with AI risks and opportunities to ensure technology serves broad societal benefit rather than concentrating power and prosperity among a few. Listen or watch!

IEN Members, don’t forget to register for our Fiduciary Duty for Climate Justice call next week with Tiffany Reeves and Keith Johnson. They will speak on the state of sustainable investing in the US and abroad, and share insights on navigating fiduciary responsibilities in today's complex investment landscape. Register!

In this week’s news, Schroders agrees to a $13.5 billion sale to Nuveen, Nippon Life Insurance steps up to system-level investing, and the Trump Administration erases the government’s power to fight climate change.

This week’s episode of The Future of Finance features perspectives from Gaurab Bansal on responsible AI. Tune in to explore how startups and investors can embed responsible AI practices early—before harmful externalities become costly and difficult to unwind. Listen, or watch!

IEN Members are invited to register for our upcoming VC Roundtable, a 90-minute virtual roundtable where we will explore early-stage guardrails for responsible AI investing, bringing together venture capital (VC) managers and institutional asset owners for a candid dialogue on emerging best practices. Register here.

In this week’s news, Ceres’ Steven Rothstein writes about how E-ledgers put corporate climate accountability at risk, Texas law barring state investment in firms boycotting fossil fuels declared unconstitutional, asset managers criticize ‘undue focus’ on voting in stewardship assessments. 

This week’s episode of The Future of Finance features Lucas Schoeppner, Director of Sustainable Investment Strategies at Westpath Benefits and Investments, who explores how a large faith-based asset owner is operationalizing fiduciary duty through system-level investing. Listen, or watch!

In this week’s news, ILPA releases a report on The State of Market Institutionalization, The Shareholder Commons updates its resources on Describing Macroeconomic Risk, and LPs Are Going ‘Beyond the Check’ to Help Impact Managers Survive the Fundraising Drought.

Strong management and governance practices bolstered the rating of the $45m foundation following a third party verification

[Boston, MA] (February 9, 2026) - The Intentional Endowments Network is pleased to announce the Gold rating achieved by the Dan & Margaret Maddox Fund (“Maddox Fund”) after completing the third-party verification through IEN’s Endowment Impact Benchmark (EIB), a framework that assesses foundations and endowments on their commitment to impact and sustainable investing.

The Dan and Margaret Maddox Fund centers justice and liberation in its grantmaking through two workstreams: environment and youth. It serves 41 counties of Middle Tennessee, U.S., building on the legacy of its Tennessee-born founders. 

Its investment practices reflect these deeply-held commitments, as highlighted through the Gold rating achieved with the EIB. Its instances of direct engagement with investment managers at

Investment Committee meetings, for example, and its commitment to continuous learning is an example of the Fund’s efforts to pursue innovation and lead responsible investment management.

“This recognition affirms our belief that how we invest is inseparable from why we exist,” said Jen Bailey, Executive Director of the Dan & Margaret Maddox Fund. “Earning a Gold rating through the Endowment Impact Benchmark reflects our commitment to stewarding all of our assets in service of justice, liberation, and long-term community wellbeing, and marks an important step in our ongoing journey of learning and alignment.”

The Endowment Impact Benchmark is a project of the Intentional Endowments Network, with the evaluation process managed by BlueMark, an independent impact verification firm. This ensures that ratings reflect best practices and are credible within the sustainable investing community.

“The Maddox Fund’s Gold rating is a testament to their commitment to align all of their assets in service of mission fulfillment,” said Georges Dyer, Executive Director of IEN. “Their work is a great example of how all endowments and foundations can be intentional about the impact of their investments to ensure that they are supporting and not working counter to their mission.”

Endowments and foundations continue to hear calls for increased transparency, especially around their impact-oriented strategies. The EIB provides a practical approach for assessing transparency, strategy, governance, and management internally; establishing next steps for enhanced impact; and communicating successes to key stakeholders. The benchmarking value of the EIB continues to rise as participants complete the assessment, enabling endowments and foundations to align their policies and practices with peers and industry standards.

Institutions interested in assessing their progress are invited to participate in the 2026 cohort of the EIB. For more information on the Endowment Impact Benchmark and how your institution can participate, please visit www.EndowmentImpactBenchmark.org.

About The Intentional Endowments Network

The Intentional Endowments Network (IEN) supports higher education institutions to adopt investment strategies that create an equitable, low-carbon, and regenerative economy. IEN connects endowments, asset managers, investment consultants, nonprofit partners, and individuals to advance the field of mission-aligned, sustainable investing. IEN is housed at the Crane Institute of Sustainability (“Crane”), a 501(c)(3) nonprofit organization. Learn more at www.intentionalendowments.org

MEDIA CONTACT:

Georges Dyer, Co-founder & Executive Director, Intentional Endowments Network & The Crane Institute of Sustainability

[email protected]

In this week’s episode of The Future of Finance, Brian Potts joins Georges Dyer to explore the increasingly consequential role of corporate political spending in markets, democracy, and fiduciary decision-making. Brian explains how Goods Unite Us tracks political contributions from corporate executives and PACs. Watch this week’s episode, or listen!

Don’t forget to register for our next Fiduciary Duty for Climate Justice call, an interactive, collaborative community conversation exploring fiduciary duty and responsible institutional investing. During this call, investment lawyer Tiffany Reeves will share her perspectives on the legal landscape around sustainable investing for institutional allocators – pension funds, endowments, and foundations. Register in advance! 

In this week’s news, TIIP publishes its Investor Case Study Nippon Life Insurance Company, a report from Oregon's $100bn public pension fund reveals it is on track to triple its transition infrastructure investment, and the Sierra Club releases a report on The Climate Solutions Gap: An Assessment of U.S. Public Pensions’ Investment Strategies.

In this week’s episode of The Future of Finance, Georges Dyer is joined by Meredith Benton to explore Whistle Stop Capital’s TechForward Investors Initiative, give a deep dive into what responsible AI and tech accountability really mean for long-term investors, and explore why traditional ESG frameworks often fall short in capturing tech-related risks. Listen in, or watch this week’s episode!

As a reminder – asset owners are invited to engage with the network in two ways: by sharing your perspective in a brief 20–30 minute interview to help inform IEN’s developing resources on responsible AI investing, and by joining our February 4th Chatham House Rule peer conversation on investing responsibly in AI, featuring Majority Action’s recent work and space for peer learning and discussion.

In this week’s news, Majority Action publishes its Accountability in the Boardroom 2025 report, the Arketa Institute publishes a piece on A Path to Post-Growth Pensions, and the MacArthur Foundation details how it has been measuring the impact of its catalytic capital.

Catch up with the latest episodes of The Future of Finance as you gear up to create transformative change in 2026! Listen (or watch!) to Georges talk with Chat Reynders on building resilient portfolios for the future economy, with Lane Jost and Chris Ito on whether the rise of greenhushing may actually signal a maturing field, and with Dorien Nunez on how structural barriers shape opportunities (or lack thereof) in finance. 

Sponsorship opportunities are available for the 2026 Higher Education Climate Leadership Summit! Benefits of sponsorship include mainstage presence, direct engagement, brand exposure, exhibitor space, and event access. Review the sponsorship brochure, and contact Nicole Torrico with any questions or to speak about opportunities.

In this week’s news, Glass Lewis Publishes 2026 Benchmark Policy Guidelines, The GIIN solicits responses to its Impact Investor survey, and George Washington University meets its 2025 fossil fuel divestment goal.

The Intentional Endowments Network is excited to be expanding its team in 2026! We are hiring for a Communications & Community Engagement Associate to join our small and dynamic team. Please review the JD for details on submitting an application, and share with individuals in your network who may be interested in applying.

We’re also bidding our Fall 2025 Fellows, Liliana Boekout and Avy Panta, goodbye as they complete their time with our team. We are so grateful for their support and engagement during their Fellowship. We invite you to connect with them on LinkedIn and continue to support their growth as the next generation of sustainability and investment professionals. 

This is the last edition of the Weekly News Round-Up for 2025. The Round-Up will resume on January 8, 2026. In the interim, we hope you all have a restful and peaceful end to 2025. We look forward to continuing to move this work forward in 2026 with you all.

The Intentional Endowments Network is excited to be expanding its team in 2026! We are hiring for a Communications & Community Engagement Associate to join our small and dynamic team. Please review the JD for details on submitting an application, and share with individuals in your network who may be interested in applying.

We’re looking forward to holding our last community conversation of the year next Wednesday at 1 pm – this time, focused on fiduciary duty and climate justice and featuring remarks from Susan Gary, Professor Emerita at the University of Oregon School of Law. Reserve a spot!

In this week’s news, Democrats say retirement dollars are at risk from the GOP’s anti-ESG approach, Reframe Venture releases its Responsible AI  Due Diligence Tool, and NYC Comptroller Lander recommends pension boards drop BlackRock, Fidelity, and PanAgora due to inadequate decarbonization plans.

Jesse Gerstin, VP, Center for Resiliency and Clean Energy, Inclusiv

Jacqui Smith, Portfolio Manager & Sustainability Strategist, Reynders, McVeigh Capital Management

Whitney Shepard, Co-Executive Director, Majority Action

Daniel Ingram, Head of Responsible Investing, Partner, Aon

Learn more!